E-Discovery Market Analysis:
The global e-discovery market is touted to touch USD 24 Billion at an exceptional 20% CAGR over the predicted years (2017-2023). E-discovery or electronic discovery is an electronic facet to identify, collect and produce ESI (electronically stored information) in response to the request for production in case of an investigation or law suit. The electronically stored information includes websites, social media, video and audio files, voicemail, databases, documents, presentations, emails and more. E-discovery can be performed either in a computer network or offline on an individual PC.
There are plentiful factors that is boosting the growth of the e-discovery market. These factors as stated by the Market Research Future (MRFR) report include growing penetration of Internet of Things into every major industry vertical, growing volume of digital data across government agencies and enterprises, initiatives and support by the government for implementing the E-Discovery Industry in enterprises of every size, increase in the number of litigations, overabundance of the stored data, emergence of numerous novel content sources and increasing use of social media platforms namely Twitter, Facebook and LinkedIn, growth in data protection regulations and compliance needs and growing demand for analytics, forensic tools and business intelligence (BI).
The increase in the usage of social media platforms is providing electronic evidence concerning legal matters in plenty. To capture data from such mediums necessitates advanced tools and techniques that throw light on the notable increase in demand of these solutions. On the contrary, high cost related to the deployment of the e-discovery process coupled with contradiction amid e-discovery and data protection is likely to hamper the growth of the e-discovery market over the predicted years.
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Major Key Players:
Leading players profiled in the e-discovery market include Navigant Consulting (U.S.), Ernst & Young Global Limited (U.K.), Lexbe (U.S.), Logik (U.S.), Hewlett Packard Enterprise (U.S.), Xerox Corporation (U.S.), Zylab Technologies (U.S.), Kcura LLC (U.S.), FTI Technology LLC (U.S), IBM Corporation (U.S.), and others.
May 2019- Iconic Translation Machines, the renowned translation software company has joined hands with Inventus, a leading company offering international legal support services with an aim to reduce the costs and risks related to e-discovery. This partnership will allow them in reaching higher end users across the globe with their solutions as their e-discovery business remains to grow.
MRFR report provides an extensive segmental analysis of the e-discovery market on the basis of solution, deployment, service and vertical.
- Based on solution, it is segmented into early case assessment and technology assisted review. Of these, technology assisted review will have the largest share in the market over the predicted years.
- Based on deployment, the e-discovery market is segmented into on-cloud and on-premise. Of these, on-cloud will dominate the market over the predicted years. This technology is largely used by businesses owing to its plentiful benefits namely compliance, portability, security, flexibility, scalability and increased storage.
- Based on service, it is segmented into consultant, training and support.
- Based on vertical, the e-discovery market is segmented into IT and telecommunication, energy and utilities, legal sector and transportation and logistics. Of these, IT and telecommunication will lead the market over the predicted years.
By region, the e-discovery market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, Europe and North America. Of these, North America will lead the market over the predicted years. This is due to higher technology implementation, digitization and better network infrastructure. Digitization here is chiefly on account of technological advancement and economies that are benefitting from it.
This region is leading owing to the presence of key players here. Implementation of software both by medium and small enterprises is going up rapidly. The demand for e-discovery is on the rise with organization seeking to cut down its legal operations via shifting to cloud based from on-premise. The initial low investment, money spent on infrastructure, upgradation of automatic software and seamless integration are driving the market growth.
May 2019– Iconic Translation Machines, the renowned translation software company has joined hands with Inventus, a leading company offering international legal support services with an aim to reduce the costs and risks related to e-discovery. This partnership will allow them in reaching higher end users across the globe with their solutions as their e-discovery business remains to grow.
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